President Trump will deliver remarks on his ‘No Tax on Tips’ policy at a roundtable discussion in Las Vegas, Nevada, on Thursday evening.
“While every Democrat voted to raise your taxes, President Trump cut them. Whether you are a server who depends on tips, a factory worker earning overtime, or a senior on a fixed income, the Working Families Tax Cuts are putting more money back in your pocket where it belongs,” the White House said in a statement.
WATCH:
Here’s how the Working Families Tax Cuts is delivering real results for the American people, per the White House:
Bigger Refunds: The average refund this filing season is over $3,400 – 11% higher than last year, and 19% higher than the average return over the prior 4 years.
Broad-Based Relief: This landmark legislation is putting more money back into Americans’ pockets and providing real relief. We’ve seen an overwhelming adoption of the President’s key tax priorities, with 53 million Americans (45% of all filers) benefiting from at least one of President Trump’s signature new tax cuts.
No Tax on Tips: More than six million Americans have claimed No Tax on Tips, with an average deduction of over $7,100, providing meaningful relief to service workers who rely on gratuities.
No Tax on Overtime: Over 25 million Americans have benefited from No Tax on Overtime, with an average deduction of over $3,100. Even legacy media outlets admit this tax provision is wildly
popular, including among Democrats.
No Tax on Social Security: A new deduction made possible by the Working Families Tax Cuts ensures an overwhelming majority of seniors will pay no tax on their Social Security income as a result of deductions exceeding taxable social security income. Over 30 million seniors have claimed this deduction, with an average deduction of over $7,500.
Simpler Filings: Over 105 million filers have claimed the permanently Doubled Standard Deduction, simplifying tax filing for millions across America.
Small Business Relief: Nearly 12 million small business owners are seeing an average tax reduction of nearly $7,000, while the permanent extension of the 20% Qualified Business Income deduction is delivering $4,600 in average relief to eight million entrepreneurs.
Investing in the Next Generation: Parents of nearly five million children have claimed Trump Accounts on their returns – tax advantaged savings accounts that give the next generation a jumpstart on saving.
Enhanced Child Tax Credit: Over 34 million families have claimed the enhanced Child Tax Credit, which is permanently doubled and expanded by the Working Families Tax Cuts.
Made-in-America Tax Breaks: More than one million Americans have claimed No Tax on Car Loan Interest, with an average deduction of over $1,800. This deduction is helping families afford reliable transportation while boosting U.S. auto jobs.
Ensuring Tax Dollars Benefit Americans, Not Illegals: The Working Families Tax Cuts Act ensures American taxpayers are no longer funding benefits for illegals.
Fueling Business Investment: The restoration of immediate deductibility for research and development expenses — applied retroactively — is freeing up $100 billion in prior-year deductions for tens of thousands of businesses, while full expensing allows companies to write off investments immediately, improving cash flow and fueling expansion.
Supporting Family Farms: By raising the death tax exemption—increasing the amount family farms can inherit without paying taxes—two million family farms are being protected from excessive taxation.
Incentivizing Adoption: The Working Families Tax Cuts Act significantly boosted tax incentives for families adopting from foster care, making up to $5,000 of the Adoption Tax Credit refundable.
Improved Housing Affordability: The expanded low-income housing tax credit is incentivizing the construction of affordable homes for American families.
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